A trader has recently been very active, placing a long position of over 4,250 ETH, more than 25 times the position size, on Ethereum within just 8 hours, with a total exposure reaching $12.57 million. Behind this move is a new deposit of $1.2 million as margin support.

From the data, the average entry cost for this position is around $2,941. However, the risk is equally clear — the liquidation line is set at $2,710.2, meaning that as long as Ethereum pulls back by less than $300, forced liquidation can be triggered.

The appeal of leveraged trading lies in the potential for quick gains, but this 25x high leverage also means that a single misjudgment of the direction could result in total loss. The volatility of ETH within this price range makes it easy to wipe out the entire margin cushion in a short period. The market is watching to see how this large order will ultimately play out.